‘Real estate has potential to boost foreign direct investment’

•Aso Savings builds 2,500 housing units in Niger State

Abuja-based real estate firm, Mshel Homes Limited has urged President Bola Tinubu to transform the real estate sector by introducing reforms capable of improving local and foreign investors’ participation.

The firm noted that real estate has the potential to boost Foreign Direct Investment (FDI) and engender socio-economic growth, if the enabling environments are provided.

Chief Executive Officer/Group Managing Director of the firm, Mr. Barka Mshelia, said this at the opening of multi-billion-naira Lisa Suites in Asokoro, Abuja. He observed that numerous opportunities could be harnessed through the sector, especially in Abuja if needed reforms are introduced.

He said: “I’m anticipating new opportunities in real estate. The new administration should bring about foreign investments and increase economic activity in Abuja and Nigeria at large, irrespective of the limitations on ground.”

Mshelia said the group is introducing smart houses in the hospitality industry. “The hospitality industry has a lot of potential; people are looking for places where they can relax. Prices of property and accommodations in Abuja have surged because there’s scarcity of quality houses,” he added.

On his part, Chairman of the board, Lisa Suite, Dr. Musa Tarimbuka, said the hospitality industry in Nigeria is growing, while the gap in the sector requires improved investment and more projects to meet the demand in the market.

MEANWHILE, Aso Savings and Loans Limited plans to construct 2,500 homes in Niger State, outskirt of the Federal Capital City, Abuja. The project, known as Zuma Rock smart city, will be sited on 150-hectares of land and consist of 228 units of one-bedroom semi-detached bungalows, 378-units of two-bedroom semi-detached bungalows and 238 units of three-bedroom semi-detached bungalows.

Managing Director of the firm, Hajiya Risikatu Ahmed, who disclosed this in Abuja, said about 708 houses would be constructed in the first phase. She explained that the project would have amenities such as schools, fire stations, a police station, well-paved roads, green areas and renewable energy sources. Ahmed said funds for the project were already available, adding that construction work will commence soon.